Italian player Snam has agreed to buy Statoil’s stake in the Trans-Adriatic pipeline (TAP), which will carry gas from the Turkish border with Greece to Italy.
The…
READ MOREDenis LEMARCHAL
Managing Director
TOTAL E&P ABSHERON
Oil reserves7 billion barrels
Oil production722,000 bopd
Gas reserves2.5 tcm
Gas production31.8 bcm
Azerbaijan’s energy industry is one of the world’s oldest and remains a crucial hydrocarbons supplier in the Caspian Sea region. Its offshore basins hold significant reserves that are produced mainly by the State Oil Company of Azerbaijan Republic. The NOC is responsible for negotiating and signing PSCs and developing the nation’s resources. BP is the largest foreign investor in the nation and has operated in the country since 1992.
Most of the country’s oil and gas production is produced from its Azeri–Chirag–Gunashli fields, which is pumped onshore by pipeline to the Sangachal terminal south of Baku. Much of the oil produced is exported towards Europe through an 850-kilometre pipeline to its neighbour, Georgia.
The country is transitioning its energy industry from its traditionally oil-centric production to becoming a growing gas producer and exporter. The Shah Deniz field located 70 kilometres from Baku in water depths of up to 1,600 metres is one of the world’s largest gas and condensate fields and accounts for most Azerbaijan’s natural gas reserves. The development produced its first gas in 2006.
While practical development of renewable energy sources has been limited, the country has significant potential. Azerbaijan generates about 8% of its electricity from large hydropower installations. The country aims to reduce greenhouse gas emissions by 35% by 2030 from its emissions figures in 1990, which will involve revamping a substantial energy industry that accounts for the majority of its GDP and around 90% of its exports.
BP has started oil production at the new Azeri Central East platform in the Caspian Sea offshore Azerbaijan.
READ MORERepresentatives of Azerbaijan's SOCAR and the Republic of Congo have met to discuss co-operation in the field of oil and gas.
READ MOREBP has begun its largest-ever 4D seismic study on the Azeri-Chirag-Deepwater Gunashli field in Azerbaijan.
READ MORESerbia has completed building an interconnector to a pipeline in Bulgaria that will meet 60% of the country’s annual gas demand, Reuters reported on Sunday.
The…
READ MOREADNOC is moving to acquire a 30% stake in the Absheron gas and condensate field in Azerbaijan’s Caspian Sea, the Emirati NOC announced on Friday.
Upon completion,…
READ MORETotalEnergies has begun the first production phase of the offshore Absheron gas and condensate field in Azerbaijan, the French energy giant announced on Monday.
The…
READ MOREItalian player Snam has agreed to buy Statoil’s stake in the Trans-Adriatic pipeline (TAP), which will carry gas from the Turkish border with Greece to Italy.
The…
READ MOREAzerbaijan’s state oil company SOCAR announced on Wednesday that its joint venture, SOCAR Foster Wheeler, would complete the pre-front-end engineering and design work…
READ MOREElnur Gurbanov, partner at Deloitte CIS, speaks to TOGY about the steps that oil and gas companies can take to adjust to changing macroeconomic realities, the financing…
READ MOREThe State Oil Company of Azerbaijan Republic (SOCAR) has reported its revenue was halved due to the falling price of oil.
The 2015 budget was calculated based on…
READ MOREAn undisclosed source from Norwegian operator Statoil’s office in Azerbaijan has reported that the company has made dramatic cuts to its Baku staff.
“If the…
READ MOREAn explosion on a section of pipeline in Turkey carrying natural gas from the BP-led Shah Deniz project in Azerbaijan has halted flows, Turkish energy officials have…
READ MOREThe Turkish government is eyeing Statoil’s 20-percent stake in the Trans Adriatic Pipeline (TAP) project designed to carry gas from Azerbaijan to Europe, according to…
READ MORERussian oil company Lukoil has received approval for a $500-million syndicated loan from the European Bank for Reconstruction and Development on Tuesday for the second…
READ MOREKurdish militants blew up a segment of the South Caucasus Pipeline carrying natural gas to Turkey from Azerbaijan early on Tuesday, according to preliminary reports.…
READ MOREFrench-listed Technip has won a project management consultancy services contract for the Trans Adriatic Pipeline (TAP) project. Technip’s contract applies only to the…
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